Buckner v. Commissioner
United States Board of Tax Appeals
Certificates of proof of claim issued by national bank receiver, held, not such certificates of indebtedness as to justify treating payment thereon as a sale or exchange. Revenue Act of 1936, sec. 117(f).
1Opinion of the Court
OPINION.
Opper:
Respondent’s determination of a deficiency, in income tax for the year 1937 of $3,846.01 is in part the subject of the present proceeding. All of the pertinent facts have been stipulated and are hereby found in accordance with the stipulation.
The question raised is whether gain received by petitioner as the result of payments to him during the taxable year by the receiver of the First National Bank of Pontiac is capital gain or ordinary income. Petitioner became the owner, in whole or in part, of claims against the bank by purchase from the original deposit creditors.…
2Cases cited1 opinion
- McClain v. CommissionerSupreme Court of the United States · 1941
3Cited by5 opinions
- Rieger v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1943
- United States v. Burrows Bros.Court of Appeals for the Sixth Circuit · 1943
- Buckner v. CommissionerUnited States Board of Tax Appeals · 1941
- M. Conley Co. v. CommissionerUnited States Tax Court · 1943
- Nobis v. CommissionerUnited States Tax Court · 1943